Start-ups to enjoy one year tax holiday – Business Development Minister

April 10, 2017, 10:23 a.m.

The government will soon give a year tax holiday to start-up businesses to serve as an incentive as well as enable them gain grounds in the sector.

The move also forms part of the government’s efforts at reducing cost of doing business in Ghana.

The Business Development Minister, Ibrahim Mohammed Awal disclosed this at the annual general meeting of the Ashanti and Brong Ahafo zones of the Association Of Ghana Industries.

The meeting was to take stock of the past and strategise for the future. According to the Minister, most businesses were in their emerging development and, therefore, needed a nurturing environment to develop.

This, he said, would boost the government’s commitment at creating a conducive atmosphere for businesses to strive.

Mr Awal added that the principal role of government was shifting from driving the economy, to creating an enabling environment, including laws, regulations, and enforcement mechanisms and arranging for the delivery of essential support services for the private sector to gain confidence and strength to become the engine of growth.

Among the measures the government had put in place to enhance business development, he said, included the stabilisation of the currency and reduction of the cost of borrowing, the abolishment of 5 percent tax on real estate sales among others.

He also made known that the government was in the process of launching a National Entrepreneurship and Innovation Plan which would be implemented to assist businesses secure market during the critical formative years, and tap into wide supply chain network during their growth years.

The Ashanti Regional Minister, Simon Osei Mensah, on his part, said the government had positioned itself as the most business friendly and the committed to make the private sector play its rightful role as the engine of growth and thrive.

He, therefore, asked the business owners to take advantage and spread their businesses.